Gamma Enterprises recently acquired office equipment for its administrative operations. The equipment, purchased for $150,000 on January 1, 20X1, has an estimated salvage value of $10,000 and a useful life of 5 years. Gamma Enterprises opts to employ the double-declining balance method for depreciation.

Calculate the following:

• Depreciation expense for the equipment for the first year.
• Book value of the equipment at the end of the first year.
• Analyze the impact of utilizing the double-declining balance method on Gamma Enterprises' financial statements, emphasizing the accelerated depreciation pattern and its implications for taxable income and cash flows.

Provide a comprehensive explanation of the rationale behind choosing the double-declining balance method and its suitability for Gamma Enterprises' accounting needs.